Insurance Age

Insurance Age: "Stairway to e-heaven
The imarket initiative is definitely here to stay and is starting to make real progress as the free electronic commerce portal for brokers and insurers. Paul Lang reports on the progress so far
Seven major insurers, all the leading insurance software houses and approaching 2,000 intermediaries are now behind the imarket project. Considering the industry's diversity and the technical hurdles, it has progressed at an impressive pace. This year has seen the launch of: a new information web site for brokers; the completion of systems integration between Acturis and Groupama, Allianz Cornhill, Axa and Norwich Union; several new commercial product offerings and its first full-cycle business transactions.
However, with full software integration in prospect for 2006 and increasing numbers of products and services ready to be rolled-out, many broking firms remain on the sidelines. Perhaps half of all intermediaries have yet to register, and many of those who have signed-up do not use the facility regularly. Bigger volume organisations are slow to participate. Some critics blame time-consuming practices, technical hitches and service failings, and they also remain doubtful of early cost-saving benefits. Others describe basic incompatibilities with their own business processes.
Is the criticism fair or fleeting? Can imarket win over the sceptics, prove it is here to stay and that it should be a key factor in brokers' future trading strategies?
The first task goes on apace. The imarket insurer panel has increased to seven major composites with the recent addition of NIG. It now includes: Allianz Cornhill, Axa, Groupama, NIG, Norwich Union, Royal & Sun Alliance and Zurich.
Obviously, the incentive for brokers to use the facility regularly will rely upon keen commercial appeal as well as demonstr"